Russia Not Joining OPEC, But Need To Cooperate Is ‘Obvious’

Russia sees no reason to join OPEC, but the need to continue the OPEC/non-OPEC cooperation in some form after the production cuts end is obvious , Russia’s first deputy minister of energy Aleksey Texler said at the CERAWeek conference in Houston. “At present it is clear that the kind of cooperation that we’re having will continue even if a slightly different format,” Texler said via a translator at CERAWeek by IHS Markit, as carried by Platts. “The need to work together is obvious,” the Russian deputy energy minister said, noting that the ongoing OPEC/non-OPEC production cut deal has created a “new kind of family” on the global oil markets. According to Texler, OPEC and Russia will continue to keep cooperating in the future, but there is no need to “cement something or cut something in stone”. Texler’s comments come in the wake of increased calls to institutionalize the current […]